How Much Will You Save With the GOP Tax Plan? Find Out With These Calculators.

A few journalists have put together updated 'tax plan calculators' that let you plug in your income. Most Americans are expected to receive a tax break.

By NTK Staff | 12.19.2017 @10:00am

Republican lawmakers in the House and the Senate are expected to pass a $1.5 trillion tax cut on Tuesday, following through on campaign pledges and long-term GOP orthodoxy to cut taxes for individuals, families, and businesses.

The bill, which negotiators in the lower and upper chambers agreed on last week, will lower individual income tax rates, double standard deductions, lower the corporate tax rate from 35 percent to 21 percent, and increase the child tax credit.

Naturally, many Americans may be wondering how the tax bill will directly impact them in 2018.

Fortunately, a few independent sources have put together tax plan ‘calculators’ to help individuals figure out how, and how much, their tax bill will be affected.

Maxim Lott, a producer for Stossel Productions and Reason, and a writer at FoxNews.com, has a Tax Plan Calculator that has gone viral.

CNNalso has one that lets individuals view the impact of the tax bill on their income, for up to 10 years. (Note: the individual tax cuts in the bill expire in 2025, at which time Congress can be expected to debate extending them.)

NTK Network previously reported on other, independent analyses of the tax bill. USAFacts found that almost every taxpayer group will see a tax cut under the Senate GOP tax plan, which is similar to the version agreed to in conference.